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  "documentTitle": "Ford | Investor Conference Presentation Deck | 60 slides",
  "authorId": "ford",
  "authorName": "Ford",
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  "presentationDate": "2023-08-01 00:00:00",
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      "text": "Summary of Enhancements to Ford Credit's Most Recent Floorplan Master Owner Trust Series (FORDF 2023-1)",
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      "text": "Term\nHistorical\nModernized\nRationale\nMake-Whole Call Option\nN/A\nNotes are prepayable, subject to a make-whole\nMake-whole option available after 1 year\nFixed rate senior notes make-whole: Class A-1: 0.15%\nFixed rate subordinate notes: Class B, C, & D: 0.25%\nFloating notes make-whole: prevailing SOFR as of the Redemption Date\nProvides Ford Credit flexibility to manage the outstanding debt amount and compensates investors in the event of an early redemption\nThe fixed rate make-whole framework is consistent with the FORDR structure\nYield Supplement Interest\nN/A\nFlexible discount option at the series-level\nA portion of principal can be re-classified as interest generating additional asset yield\nYield supplement mechanism is effectuated via an increase in the subordinated percentage, not to exceed 2.00% in aggregate\nCreates additional flexibility to address situations where asset yields may fall below ABS note coupons\nSimilar features found in Ford Credit's other ABS programs such as yield supplement overcollateralization (YSOC) in FORDO/FORDR\nFeature is in addition to, not in place of, the existing cross-series interest sharing\nSeries Paydown\nSeries principal accumulation 6 full months prior to expect final payment\nAccumulation can be delayed until 45 days prior to expected final payment\nFord Credit may make a bullet payment on the expected final payment date without prior accumulation\nIf the notes are not paid in full on the expected final payment date, the series will enter the required amortization period\nA-1 Fixed Rate Note step-up is the related interest rate minus 0.01%\nA-2 Floating Rate Note step-up is the excess of the related interest rate over SOFR\nInvestors receive step-up interest if principal is outstanding after the expected final payment date until series is paid in full\nAligns with other revolving ABS programs including FORDR\nStep-up coupons were added to address investor extension risk which provides additional protection historically not present in FORDF transactions\nProvides operational and funding efficiency for Ford Credit",
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      "text": "FORDF Program Modernization",
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